fscom’s Post

Don't let regulatory changes catch you off guard! 🔍💼 Stay ahead of the curve with Trustt's robust KYC solutions, empowering your Payment Aggregator (PA) with state-of-the-art tools for enhanced due diligence.  Safeguard your business and embrace the future of compliance excellence! 💥 #Technologyyoucanbankon #kyc #digital #identity #digitalbanking #financeinnovation #fintechrevolution

🔍 Let’s talk about the real elephant in the room: beneficial ownership transparency. It’s 2024, and somehow we’re still seeing companies slip through the cracks because we can’t pin down who really owns them. Ironic, isn’t it? The UK’s Register of Overseas Entities was supposed to bring an end to anonymous ownership, but as recent studies have shown, over two-thirds of properties held by overseas companies remain untraceable. Why? Because the system is still too easy to game. Here’s the kicker: banks are stuck doing the heavy lifting. When national registers fail to provide reliable data, compliance teams are left scrambling to fill in the gaps. The time and cost involved in duplicating KYC checks, not to mention the reputational risk if something slips through, is enormous. So what’s the solution? 1️⃣ Fix the Registers: It’s time we stopped relying on companies to self-report ownership information without proper validation. Authorities need to invest in verification processes that actually work. 2️⃣ Create Shared Services: Banks and other financial institutions should collaborate on a shared KYC utility. A centralised, validated database would reduce duplication, save money, and reduce the chances of compliance failures. 3️⃣ Debank or Engage?: Many institutions now face the difficult choice of either exiting high-risk clients or investing more resources into due diligence. But let’s be real: if we can’t trace beneficial ownership, should we even be doing business with these entities? In my opinion, debanking is the only viable option if beneficial ownership can’t be proven after a reasonable time. 💬 What’s your view? Should we be tougher on clients who can’t provide full ownership transparency? #BeneficialOwnership #KYC #AML #Compliance #FinancialCrimePrevention #DueDiligence #RiskManagement #businessinnovation

Reflecting on my ongoing journey in technology banking sector 🏦, the real-world significance of compliance and regulation has been a cornerstone in shaping resilient financial systems. One poignant example involves implementing stringent KYC 🤵♂️ (Know Your Customer) measures, which not only safeguard against fraud but also cultivate a culture of transparency. Moreover, the post-2008 financial crisis 📈era underscored the importance of regulatory frameworks in fostering stability. As we embrace innovative technologies, the responsibility to balance innovation with regulatory adherence becomes more pronounced. In the world of banking IT, our commitment to compliance is not just a box to check; it's an ongoing journey to fortify the trust our clients place in us. Every line of code 🧑💻 , every security protocol 🕵️♂️, and every system upgrade is a testament to our dedication to upholding the highest standards. Let's continue to champion compliance as the bedrock of a resilient and trustworthy financial landscape. SATARK RAHE, SAVDHAAN RAHE 🚨 #BankingIT #ComplianceJourney #RegulatoryAdherence

Are the recent regulatory changes impacting KYB and business onboarding keeping you up at night? 🌙 Don’t worry—we’ve got you covered! Our new eBook, "Navigating Regulatory Changes and Mitigating Risk in Business Onboarding," is your ultimate cheat sheet for understanding the recent regulatory trends and staying compliant. Why you need to read this eBook: 🔥 For fintechs, compliance isn't just about ticking boxes. It's about building trust with sponsor banks, regulators, and customers. Our eBook delves into the latest regulatory trends and the importance of adhering to established standards. We also give practical advice on how to demonstrate a proactive focus on compliance and strengthen the relationships with your banking partners. What you’ll learn: 🔍 Regulatory trends: stay ahead with insights into the latest financial crime prevention and AML practices. 🏢 Due diligence done right: learn more about the evolution of address verification and identify Ultimate Beneficial Owners (UBOs). 💡 Practical tips: get actionable strategies to revamp your onboarding processes and build stronger relationships with sponsor banks. Link to download the eBook in comments below!

#GoodRead The Payments Association EU, in collaboration with Banking Circle and our partner Deloitte, has released an insightful white paper on: "KYT best practices and more." We, at #Neterium, are proud to have contributed to this white paper. Our Chief Product Officer, Pascal Aerens, exchanged with Maxime Heckel, CAMS, Partner, Forensic & Financial Crime, at Deloitte Luxembourg, covering two crucial topics: 🔍 What is Know Your Transaction (KYT)?  📈 Can KYT boost KYC? "𝘈𝘭𝘵𝘩𝘰𝘶𝘨𝘩 𝘒𝘠𝘛 𝘤𝘢𝘯 𝘣𝘦 𝘴𝘦𝘦𝘯 𝘢𝘴 𝘵𝘩𝘦 𝘦𝘷𝘰𝘭𝘶𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯 𝘴𝘤𝘳𝘦𝘦𝘯𝘪𝘯𝘨 𝘶𝘴𝘦 𝘤𝘢𝘴𝘦 (𝘴𝘪𝘯𝘤𝘦 𝘪𝘵 𝘰𝘤𝘤𝘶𝘳𝘴 𝘪𝘯 𝘳𝘦𝘢𝘭-𝘵𝘪𝘮𝘦), 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯 𝘮𝘰𝘯𝘪𝘵𝘰𝘳𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘳𝘢𝘶𝘥 𝘥𝘦𝘵𝘦𝘤𝘵𝘪𝘰𝘯 𝘴𝘰𝘭𝘶𝘵𝘪𝘰𝘯𝘴 𝘤𝘰𝘶𝘭𝘥 𝘢𝘭𝘴𝘰 𝘣𝘦𝘯𝘦𝘧𝘪𝘵 𝘧𝘳𝘰𝘮 𝘵𝘩𝘪𝘴 𝘢𝘱𝘱𝘳𝘰𝘢𝘤𝘩. 𝘛𝘩𝘪𝘴 𝘸𝘰𝘶𝘭𝘥 𝘭𝘦𝘢𝘥 𝘵𝘰 𝘵𝘩𝘦 𝘦𝘮𝘦𝘳𝘨𝘦𝘯𝘤𝘦 𝘰𝘧 𝘢 𝘯𝘦𝘸 𝘵𝘺𝘱𝘦 𝘰𝘧 𝘦𝘤𝘰𝘴𝘺𝘴𝘵𝘦𝘮 𝘥𝘦𝘭𝘪𝘷𝘦𝘳𝘪𝘯𝘨 𝘢 𝘤𝘰𝘮𝘱𝘳𝘦𝘩𝘦𝘯𝘴𝘪𝘷𝘦 𝘢𝘯𝘥 𝘩𝘰𝘮𝘰𝘨𝘦𝘯𝘦𝘰𝘶𝘴 𝘥𝘦𝘵𝘦𝘤𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘤𝘦𝘴𝘴 𝘢𝘤𝘳𝘰𝘴𝘴 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴. 𝘔𝘰𝘳𝘦𝘰𝘷𝘦𝘳, 𝘪𝘵 𝘸𝘪𝘭𝘭 𝘮𝘰𝘴𝘵 𝘱𝘳𝘰𝘣𝘢𝘣𝘭𝘺 𝘢𝘧𝘧𝘦𝘤𝘵 𝘵𝘩𝘦 𝘒𝘠𝘊 𝘱𝘳𝘰𝘤𝘦𝘴𝘴, 𝘢𝘴 𝘪𝘵 𝘮𝘢𝘬𝘦𝘴 𝘴𝘦𝘯𝘴𝘦 𝘵𝘰 𝘶𝘴𝘦 𝘵𝘩𝘦 𝘒𝘠𝘛 𝘱𝘳𝘰𝘧𝘪𝘭𝘦 (𝘢𝘯𝘥 𝘵𝘩𝘦 𝘶𝘯𝘥𝘦𝘳𝘭𝘺𝘪𝘯𝘨 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘢𝘭 𝘣𝘦𝘩𝘢𝘷𝘪𝘰𝘳 𝘳𝘢𝘵𝘪𝘯𝘨) 𝘪𝘯 𝘵𝘩𝘦 𝘒𝘠𝘊 𝘳𝘪𝘴𝘬 𝘱𝘳𝘰𝘧𝘪𝘭𝘦." 🔗 Download the report here for more info: https://lnkd.in/edZG4qkA #Regulation #Compliance #KYC #KYT #Screening #FCC #AI 

Very valuable insight regarding continual changes in regulations against fraud and AML. Get your copy of the e-book "Navigating Regulatory Changes and Mitigating Risk in Business Onboarding"

Bridging the Gap Between Financial Inclusion and AML: How Expanding Access Reduces Financial Crime Risks Exclusion from the formal financial system—whether due to lack of access, high barriers, or distrust—only widens the opportunity for illicit actors to blend in with legitimate informal activity. As financial crime professionals, it’s critical that we not only focus on identifying bad actors, but also on addressing financial inclusion. When we ensure broader access to formal financial services, we reduce the size of the informal economy, making it harder for criminals to exploit the gaps. How do we bridge this gap? 1. Simplify onboarding processes: Reduce the complexity of KYC procedures for underserved populations without compromising security. Leverage digital identity verification and streamlined compliance tools to lower barriers to entry. 2. Partner with fintech: Collaborate with fintech solutions that can provide low-cost, accessible services to unbanked communities. These partnerships can bring financial services to people who previously had no access. 3. Educate consumers: Increase financial literacy initiatives to build trust and understanding, particularly in vulnerable or underserved groups, helping them feel confident using formal banking systems. 4. Incentivize inclusion: Governments and regulators can provide incentives to financial institutions that prioritize inclusion, creating a formal system where everyone has access. Let’s continue the conversation on how we can balance regulatory oversight with financial inclusivity. What strategies have worked in your experience? #FinancialCrime #AML #FinancialInclusion #RiskManagement #BSA #Compliance #FinancialServices

The recent €9.2 million fine imposed on N26 by Germany’s financial regulator, BaFin, serves as a stark reminder of the critical importance of timely compliance in the financial industry. Despite significant investments in improving their systems, N26’s delay in submitting money laundering reports highlights the challenges fintechs face in scaling operations while maintaining rigorous compliance standards. This incident underscores the need for robust processes and proactive management of regulatory requirements, especially as the industry continues to evolve. #Fintech #Compliance #RegulatoryTech #BankingInnovation #RiskManagement #Regulation

Unraveling the 'High-Risk' Perception: Join the dialogue on why banks see Funds as risky business and challenge compliance norms in a webinar on March 14th. Sign up now for free - https://lnkd.in/dKcHn8Sj

Navigating KYB checks: The gateway to business transparency and trust In today’s digital era, where business transactions and partnerships extend beyond borders, the importance of conducting due diligence cannot be overstated. FullCircl, a Customer Lifecycle intelligence platform, recently delved into the meaning and importance of KYB checks. Read the story here: https://loom.ly/hLI_5gg #FinTech #KYB #Compliance